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299 Queen Street West and the golden era of MuchMusic | SaltWireNEW YORK - FTX founder Sam Bankman-Fried thought he could get away with stealing billions of dollars from the cryptocurrency exchange's customers and that the"rules did not apply to him," a prosecutor told jurors on Thursday as the fraud trial drew to a close.
The prosecution said he directed other executives to tweak FTX's computer code to allow Alameda to siphon funds, and that the hedge fund then lent the money to Bankman-Fried and other executives to spend as they wish. Bankman-Fried also directed others to falsify financial statements, prosecutors said.
Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. Testifying in his own defense, Bankman-Fried acknowledged that he made mistakes that hurt customers while running FTX, such as not hiring a chief risk officer, but never intended to commit fraud.
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